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Ken invests $5,000 in a deductible IRA which he will hold for 10 years. His current tax rate is 30% and he estimates that his tax rate will remain the same upon withdrawal. He will not be subject to then 10% penalty tax. Assume that the IRA will yield a before-tax return of 10%. What is the after-tax accumulation?
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10,000 [(1.10)10(1 - 0.3)] = $9,078
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